很多人知道，Transformer 是谷歌发明的。但 ChatGPT，却不是谷歌做出来的。这件事，在过去几年， 几乎成了硅谷最大的"遗憾注脚"。 制定宏大的研究议程，但不规定路径，研究者拥有高度自由。 广泛的跨学科研究。 生物伦理学家、神经科学家、计算机科学家可以在同一张桌子上工作，这是谷歌的日常。 而在这套机制背后，还有一个关键变量，即 Google DeepMind 的灵魂人物 Demis Hassabis。他拥有对时 机的精准判断，既能自上而下设定方向，又允许自下而上产生创新。 比如 Demis Hassabis 判断，2026 年 Gemini 已经足够成熟，可以全面吸收 DeepMind 在"学习科学"上的 积累。这种判断，决定了资源如何倾斜，决定了产品什么时候进入爆发期。 但如果真正走进今天的 Google DeepMind，你会发现谷歌并不是"慢"，而是在下一盘更大的棋。 近期，Google DeepMind 首席运营官 Lila Ibrahim 与谷歌研究、技术与社会高级副总裁 James Manyika 在 一档播客中，第一次系统性拆解了这家公司正在发生的变化： 如果说 OpenAI 是一家 ...

著名投资人段永平和李录的2025年第四季度13F报告均已披露，两人的最新投资动向也随之浮出水面。 段永平管理的H&H International Investment持仓总市值约174.89亿美元，约合人民币超1204亿元。 李录执掌的Himalaya Capital Management持仓总市值约35.7亿美元，约合人民币246亿元。 尽管两者都深耕价值投资，但面对2025年底AI产业的急剧变革，以及中概股的波动，段永平选择了"激进转型"，而李录似 乎更倾向于"结构性微调"，用谷歌这一AI业务最全面的公司来作为对科技各赛道的投资。 图为：段永平Q4美股全部持仓 来源：SEC，制图：投资报，数据截止：2026.2.23，下同 两者都体现出了投资人与时俱进的一面；价值投资绝不是对新兴产业视而不见，死抱着原有已无多少成长空间的"茅资 产"。 四季度，段永平美股持仓组合中，苹果被小幅减持，但仍是第一大重仓，占组合半壁江山，新进三家AI相关公司，分别为 CoreWeave、Credo和Tempus。 同时，大幅加仓英伟达664万股，股份环比暴增1110%，持有占比7.72%，跃升为第三大重仓股。 前五大重仓股中，伯 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

Citi Research Global Technology, Communications, Real Estate, Energy, and Industrials February 23, 2026 Data Center GAINs (Gen AI Names) Multi-Asset Strong Absorption Supports Solid 2026 and LT Data Center Demand | Equities | | | | | ABS | | --- | --- | --- | --- | --- | --- | | Michael Rollins, CFAAC +1 212 816-3116 | Heath TerryAC +1 212 723-4624 | Caitlyn Walsh caitlyn.walsh@citi.com | | | | | michael.rollins@citi.com | heath.terry@citi.com | | | | | | Siraj Ahmed AC | AC Scott Gruber | Andrew KaplowitzA ...

Key TakeawaysPresident Trump announced a federal match of up to $1,000 per year for Americans without employer-provided 401(k) retirement accounts, aiming to bridge the savings gap for gig workers and the self-employed.Japan appointed academics Toichiro Asada and Ayano Sato to the Bank of Japan board, a significant leadership reshuffle as the central bank navigates a critical period of monetary normalization.Silver surged more than 3% in intraday trading, outperforming other precious metals amid shifting gl ...

While the US continues to command a dominant share in global portfolios, questions around sustainability, overinvestment in AI, and stretched P/E multiples are prompting investors to reassess tactical allocations.In an interaction with Kshitij Anand of ETMarkets, He pointed to improving fundamentals across parts of Asia, compelling opportunities in India, South Korea and Indonesia, and a shifting sectoral mix in Europe — particularly manufacturing and defence — as reasons for potential diversification amid ...

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [1] Core Insights - The storage supercycle remains a key theme for the semiconductor industry in 2026, driven by strong demand and limited supply [20][21] - Major technology companies are increasing their capital expenditure (Capex) forecasts, which supports the positive outlook for the storage market [22] - The report highlights the importance of advanced packaging and the potential for new technologies like CPO (Chiplet Packaging Optimization) to enhance system performance [15][14] Summary by Sections Storage Market - The storage market is entering a seller's market characterized by rising prices and demand, with DRAM ASPs increasing approximately 40% for Samsung and 20% for SK Hynix in Q4 2025 [4][20] - The report anticipates that DRAM prices will continue to rise in Q1 2026, with a forecasted increase of 90-95% for conventional DRAM [25] - Supply constraints are expected to persist, with capital expenditures focused on HBM and advanced processes rather than broad capacity expansion [21][4] Advanced Packaging - Advanced packaging is becoming a critical area of focus, with companies like Intel and Samsung investing in 2.5D/3D packaging technologies [14] - The demand for advanced packaging is expected to grow as cloud service providers increase their capital expenditures and accelerate in-house chip development [15] CPO (Chiplet Packaging Optimization) - CPO is projected to gain traction, with NVIDIA showcasing its CPO solutions that significantly enhance system-level efficiency [15] - The report notes that CPO applications are expected to transition from scale-out to scale-up, improving bandwidth density and energy efficiency [15] Capital Expenditure Trends - North American tech giants are significantly increasing their Capex forecasts for 2026, with estimates reaching approximately $655 billion, a 60% year-over-year increase [22] - This increase in Capex is expected to support ongoing demand for high-performance storage solutions and AI applications [22][24]

Key TakeawaysPresident Trump used his 2026 State of the Union address to demand an immediate end to the government shutdown while touting his economic record and defending tariffs recently struck down by the Supreme Court.WiseTech Global (WTC) announced 2,000 job cuts, representing 29% of its workforce, declaring the "era of manually writing code" has ended due to AI automation.U.S. consumer distress hit a 20-year high as student loan delinquencies spiked to 25% and subprime auto loan delinquencies reached ...

来源：活报告 在美股市场，资产管理规模超过1亿美元的机构需要在每个季度结束后的45天内向SEC提交13F文件，披 露其管理的股权资产持仓情况。近期，多家明星机构均已披露了截至2025年12月31日的美股持仓。 2025年Q4，坐拥TPU芯片及Gemini人工智能模型的谷歌(GOOG.US/ GOOGL.US)、中国电商三巨头之一 拼多多(PDD.US)以及美国AI医疗龙头Tempus AI(TEM.US)等获得多家机构买入，成为市场关注的焦点 股票。 一、谷歌：TPU+Gemini崛起，AI实力"后来居上" 过去几年，在AI浪潮的推动下，美股科技七巨头（英伟达、苹果、微软、谷歌、亚马逊、META、特斯 拉）成为美股市场最受瞩目的投资风向。其中，作为七巨头之一的谷歌，此前曾因在AI方面的成绩"不 够突出"而表现相对落后。 不过，得益于谷歌推出的自研张量处理单元（TPU）人工智能芯片，形成了可与英伟达匹敌的竞争实 力，吸引了Meta、Anthropic等公司的青睐，叠加其Gemini人工智能模型的突出表现，逐渐走出"后来居 上"的气势。 过去一年里，美股科技七巨头中，谷歌以70%的涨幅一马当先，正是其AI实力获得 ...